Shopify (NYSE:SHOP) Rating Lowered to “Hold” at Atb Cap Markets

by · The Markets Daily

Atb Cap Markets cut shares of Shopify (NYSE:SHOP – Free Report) (TSE:SHOP) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the stock. Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and raised their price target for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. Robert W. Baird lifted their target price on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday. KeyCorp increased their price target on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday. Truist Financial lifted their price target on Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research report on Wednesday. Finally, Morgan Stanley lifted their target price on shares of Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $94.95.

Read Our Latest Report on Shopify

Shopify Stock Performance

NYSE:SHOP opened at $115.13 on Tuesday. Shopify has a 12-month low of $48.56 and a 12-month high of $115.62. The firm has a 50-day moving average price of $80.36 and a 200 day moving average price of $70.50. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $148.56 billion, a PE ratio of 107.60, a price-to-earnings-growth ratio of 3.64 and a beta of 2.36.

Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.09. Shopify had a net margin of 16.84% and a return on equity of 11.94%. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. Research analysts anticipate that Shopify will post 0.76 earnings per share for the current fiscal year.

Institutional Trading of Shopify

Hedge funds have recently added to or reduced their stakes in the company. Hantz Financial Services Inc. grew its holdings in shares of Shopify by 30.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 340,472 shares of the software maker’s stock worth $27,285,000 after purchasing an additional 79,330 shares in the last quarter. Northwest & Ethical Investments L.P. increased its holdings in Shopify by 5.2% in the 3rd quarter. Northwest & Ethical Investments L.P. now owns 171,374 shares of the software maker’s stock valued at $13,732,000 after buying an additional 8,410 shares during the period. Pin Oak Investment Advisors Inc. lifted its holdings in shares of Shopify by 33.3% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 1,185 shares of the software maker’s stock worth $94,000 after acquiring an additional 296 shares during the period. Fiduciary Trust Co bought a new position in Shopify in the third quarter valued at approximately $548,000. Finally, FORA Capital LLC acquired a new stake in shares of Shopify in the 3rd quarter valued at $223,000. 69.27% of the stock is owned by institutional investors and hedge funds.

About Shopify

(Get Free Report)

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.

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